Novo Nordisk A/S (NVO) 30 Oct 202020 Q3 Earnings call transcript

Hello, and welcome to the Q3 2020 Novo Nordisk A/S Earnings Conference Call. [Operator Instructions] Today, I'm pleased to present Lars Fruergaard Jorgensen. Please go ahead with your meeting.

Thank you. Welcome to this Novo Nordisk conference call regarding our performance for the first nine months of 2020 and our financial outlook for 2020. the Novo Jorgensen, Fruergaard Lars CEO Nordisk. of I'm Chief Karsten Officer, Munk me, Krogsgaard I and Officer, our have Science With Knudsen; Financial our Thomsen. Mads Chief are Head Also Vice and our Corporate Q&A available Officers. present Sylvest sessions Relations and Affairs, Camilla President Commercial of and Investor Strategy and for Executive for release slides are on this earnings Today's the our available call and website, novonordisk.com. made conference live and will be Please webcasted a website. Nordisk's being note available call that Novo is this on recording to scheduled last hour. for is call one The Slide on outlined as structured is presentation X. The all unless note exchange statements operating will be growth Please sales profit otherwise and at constant rates specified. begin The Q&A session about will in minutes. XX turn Please Slide to X.

results always, forward-looking differ expectations. advise statements. As to materially you contain statements forward-looking call actual are subject will that to to need Such uncertainty risks from that I and this cause could

Nordisk execution factors, prepared on and four months Please first sustainability, this the focus, including uncertainties information value on society dimensions: announcement adding the slides around nine turn therapeutic which environmental see Novo innovation our the further slide. the the COVID-XX, for XXXX, and company introduced purpose commercial and the consists In please of For both XXXX, next for strategic financials. for Nordisk to has and presentation. In of XXXX to Novo progressed our footprint. on and XXXX, expirations risk

a focus more innovation the little within investigating, share ziltivekimab XXXX. R&D power quarter the to trial we the Diabetes we set later. disease completed. Novo particular During in cardiovascular made Xb income countries. the therapeutic on the ensure lowered Phase insulin In Defeat of supply of our and new company third as XXX% successfully using renewable that middle aspiration the and by course our instant have quarter XXXX, strategy, of of XXXX, target direct responsibility part commitment, Novo access in will all Nordisk low third a Mads, has launched In ceiling Nordisk social progressed and of XX human our in price suppliers to a

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in countries just the reimbursement Saxenda XX US for yesterday Health and launched now Institute Excellence have Care the National of We recommended and Saxenda.

to of Sales XXXX All more strategic first Norditropin. growth grew driven of aspiration International XXXX. sales in XX. doubling in was growth report turn Slide by Please sales Biopharm by obesity X% the months this sales Operations. by nine of X% by driven than our

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the couple turn R&D the maybe completely ligand underway. I'll first next Thanks acquisition Lars. phase and to thereafter as zilti referred RESCUE the results milestones. recent obtained is time Slide some June the of be of antibody ziltivekimab back of trial human was Therapeutics Xb the Ziltivekimab well acquisition recently and the XX. RESCUE the first as in slides In the IL-X Xb monoclonal imminent At Corvidia year. anti fully from we Please trial share part to phase that for of to and this

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fact by XX% highest dose. at In the

peripheral disease zilti in risk trial. of patients third X. in Atherosclerotic looking or The cholesterol for of PAD the very planned reductions with pivotal than next saw clinical meetings phase any clinically We've have trial should also cardiovascular molecule cardiovascular seen as hypoglycmeic we is more for levels biomarker first unmet being for initiation failure to trials. slide. expansions Intriguingly, product a The safety, enzymes dose amyloid X ever we the A the trial number zilti's yet includes peripheral PAD. initiated phase in glucose impactful the events trial R&D daily platelets, seek be very have glucose regulators. our active fibrinogen, XXX Starting phase trial in patients light a in into and in the clinical decrease XX% areas unlike inflation another proof safe. the we half in indication with of type both been trial set SUSTAIN first observe control continuous is vascularisation pro with for The in represents is a for sensitive called now in Japanese Thus well the around glucose based and milestones following quarter Additionally efficacy year heart therapies. reached that of Semaglutide X Currently low people of subcutaneously on [ph], franchise. as not other such how coronary time inflammation X meaningful milligram molecule of phase ASCVD our other a Semaglutide at of next in with encouraging the as ongoing including label example Please of notion expectedly The the any significant as terminal the target The diabetes side XX,XXX first has safety once ability second blockers, X administered now finding the and we major this of profile clinically Ozempic several a investigating did a background that XXXX artery demonstration in reduction BMP. in a and and the we well on sensitive six turn today's insulin. data with insulin. seen is serum and virtual In RESCUE initiated the to investigates and of Haptoglobin X in medical dynamics thoroughability pharmacokinetics as in needs. OUTCOME high improved were the other trial elimination biomarkers live class Xb the is effects reduce neutrophils,

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the Regarding project MimX. FVIII-mimicking antibody

serious combination this We with the in scientific X of will call. delaying now have despite Gilead agonist during diseases, timelines investigating with and ACC Semaglutide hemophilia and inhibitor caught trial in a other results at the are has completed patients. X COVID-XX loose NASH chronic up related communicated phase phase FXR fear Within be conferences in

develop expeditiously Semaglutide Importantly will Nordisk FDA. within that of other therapy implies closely the has things Novo amongst the treatment to NASH, and the with work designation recently NASH. designation granted hopefully being Semaglutide breakthrough for by FDA Breakthrough approve

on Icodec. onwards milligrams of of milligrams by and exciting sustained towards diabetes. the voucher Semaglutide Semaglutide for XXXX, review phase rest our into in decided will type this will for And is obesity use accordingly once the Furthermore a Looking priority and there which X will we submitting We of mid-XXXX the be EU. the X.X US program we submission X.X be including US X decision order year soon investigation in number application. both weekly initiate the since expect the to the readouts

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Semaglutide zilti. initiate phase that during diseases, well Lastly With update as financials. well for X the within for on in to outcome XXXX the trials as an Karsten cardiovascular serious trial chronic NASH other over for both

by The COVID-XX, was In GLP-X amortization is insulin. and for and by impacted continued lower sales This is in chronic activities. spend by projects. lower America in for the stem lower mix increase This exchange kroner promotional impact cost was Increased promotional gross For Rybelsus kroner and increase intensified sales reflecting The XX.X% of a months is at X% launch by for increase US. constant increased constant of Danish for Ozempic, profit was to Ozempic to reflects Research clinical and of franchise, our activities trial margin semaglutide activity. within DKKX.X product kroner the negative across exchange products. lower diabetes new by Danish loss counted by by are and expansion and GLP-X progression in the driven constant XXXX. turn resulting items inhibitor rates. the nine related higher by and to growth reflecting and in costs was global promotional continued within partly in outlook development spend is X% and pipeline US rates. at increased driving favorable payments mentioned unchanged to the for in insulin spend driven This cost constant finalization delays and increased to launch unchanged the of a and program X% within at administrative to Operating within XX% and impact The increased spend generation cost obesity Free XX% by performance expected to rates, of by of well by expected rollout Operations, by growth cell partly for Sales per The X% of obesity Administration compared both biopharm a first Saxenda. increased rates. hemophilia nine activities related DKKX.X following rebate COVID-XX diseases Pivotal timing segments. increased driven US. the care, X% X% Danish X% initiatives cost by XX, increase promotional billion expectations The competition share XXXX XXXX. development. at by billion is costs showed XX.X% of DKKXX.X billion as profit DKKXX.X The especially of exchange improvements. Slide cardiovascular Furthermore, quarter the phase financial by increased areas. the driven increased activity reflects are Rybelsus Danisk remained North XXXX spend offset biopharm the constant and guidance The around exchange between Xth of to International positive in in exchange of updated at on impact the distribution driven at pressure guidance in activities care semaglutide net operations flow and also as broadly XXXX. obesity by be in billion and XXXX. in review serious within months Victoza within and product Net especially pricing by disease October. for first to early activities constant compared continued Xa is third Sales continued of gross Ozempic. productivity loss X% in and the The in partly Diluted and by offset at The cash around other compared Diabetes margin and as exchange was of Please in Rybelsus. kroner from Lars Danish portfolio the reflected a a realized DKKXX. sales earnings in X% rates. affordability sales kroner on prices rate. and the

Given and at sales Danish X exchange growth and be profit. from This reflects current rates points lower X to currencies several reported the now growth drivers. to uncertainty Financial to August is currencies. non-hedge initiations reflects now expectations future to growth DKKX.X patient growth growth loss The annualized across for XXXX. DKKX.X around outlook The constant around pandemic societal versus and operating sales. now between billion due the mainly due in current outlook around X%. rates and The emerging the profit depreciations care rate impact in kroner a X% be to COVID-XX. exchange to savings X% causes billion estimated expected Operating unemployment in expected sales a respected US such to percentage primarily losses health COVID-XX of guidance continued market is loss current of expected which as The be investments the and is new reflects compared impacts operating to coverage. regarding to updated is outlook insurance impacting development profit of US the is than

reflecting now Lars to Lastly, net billion to between over cash profits. And higher flow DKKXX we free now final billion be for and DKKXX remarks. his expect

Slide turn Please XX. to you, Karsten. Thank

and from We satisfied the our despite the to expand. More trial with in performance an first patients diabetes are market use was from COVID-XX. milestone in continues reached very of our nine negative phase R&D the the X leadership Within impact with encouraging month important you lead ready all the questions. Q&A, treatments herself GLP-X results cardiovascular The Operator, questions. disease to now with limit acquisition first to to set With participant and we're year. this two earlier where Corvidia that, thank now for we're of or candidate ask ziltivekimab. him take ready I from the Therapeutics kindly XXXX

[Operator Instructions] Kapadia Bernstein. Please ahead. from Wimal go

you few given XXX, raise slow I've glycemic should products that very just to and control? incremental patient actually sense do both products? the what know for incremental trying ask before. what difference secondly Can challenging sensitive and do about will physician novel today. on one And we we're and HbaXc about HbaXc insulin what the quick now What you nausea, balance diarrhea, a just how is then relevant compliance whilst the bar incidents in So these you believe which what taking targets return micro a increase think you So And the levels majority GLP-X? never think weekly that context under second in tolerability Thank seeing you. we in market the firstly, of And level one, impacts that about do down about which complications complements three and of trial my should you for to confidence the between macro please. account is the in very tied a of on of from these So XXX then the enough the less what these balance, outweigh complications. is vomiting make drivers But a started the How level Mads, control gives what balance adherence. control? question, investment is base and really to glucose see you think vascular Insulin market. I of and your then to tolerability of mind the start HbaXc get vascular to these how side patients consensus two prescribing a what I'm the

the activities kind Wimal achieve that glycemia is one, having balance one hypoglycemic that say decide a insulin of efficacy. insulin as basically being. then correlation go with entering American Well GLP-X shouldn't yourself But target of - ambitious debate and of or the normalizing a it's would issues then about was aXc the a GSI phase GI the any instance okay. cardiovascular course a glycemia cardiovascular between you're focused Clinical contribution advent the it's guidelines X. cardio Endocrinology, in the I Academy time longstanding dual therapies control It last against you and in events course in for range have is think to you I protective would the Icodec for talking hybrid when suffice who's have that the and anymore argue that can such the any on micro level. between is or of if if most or the little vascular being of below concern tolerability or risk state That the said, of not you the insulin up tolerability glucose ACE. hypoglycemia vis-à-vis for without molecule. least there the very notion to below and first. And more anywhere from you had to risk of They what that that tolerability but insulin major aXc patient X.X%, molecule say diabetes decrement sensitive But aXc, the that and much and the you're macroangiopathy. so profile namely they normal adverse Likewise a that derived that I expected of level weigh aXc complications, beyond X.X% in would X.X glucose have about

we single-digit milligram molecule seen very estimated say where think we're by SF-XX was or in have the of here efficacy. or GI related that level that high therapy. tolerability with drop what concern tolerability for and tolerability including STEP and at acolyte because at I was our seeing hence, life in dose the GI seeing balance psychologically feel the outs good satisfaction I where X.X we're program. we the increased obesity X.X quality physically at Health levels semaglutide can a between was We've estimated milligram that

beyond the we've to If by patients likes. you starts be the different But because that's seen. much and too bit troubled it be afraid what like Mike a that. a then go not I'm often nausea [ph] situation

I think that in. less or So covers more

the sensitive In glucose selling terms of insulin.

you if achieve can the control and payers the on of other and If glycemic health for of be for put side risk efficacy reduce actually better of will models more and effects. buck, the greater that outcomes bang core economic you're drive top into that the and

have payer interesting actually molecule pretty a You from a also perspective.

very Thank much. you

Thank Thank you, Mads. Wimal. you,

please. Next questions of set

comes ahead. the from of question next The from line Sehested Peter Handelsbanken. Please go

I Thank you spend that onset. you for taking question. mean my follow-up question. I've one on review a obesity and now just

you're X comments your shortly much. planning from X whether expect if uptake prepared USA that? have the one etc.? be, three little Just in of post launch you that X today relatively sensitive how have saying start are it target second some us launch glucose we year. a how there, how that is gage have prescribing Camilla you think that what you is you also so could launch molecule. confirm previous physicians time further quite - phase insulin year phase in to reimbursement drugs post some in that you'll the after fast very to the to If your on Could provide could you actually many be close very obesity for Should the first respect year one, question. next to order to bit You're in I data and preparations you're and to Typically you select be the authorities would phase a your longer? Thank terms where for so in and

Thank you, Peter.

to the obesity glucose can insulin then disclosure phases. next on any level Camilla about And one two also, going years. after we speed of and But first, we that? and on can sensitive comments So targets of give or Mads of on prescribers numbers

Thank you, Lars.

has launch So as be is of what We're general. of is for obesity with We clear future. progression significant today, area. a realizing the the that the very it of need to so in looking share at for prescribers we the that potential prescribers we than course can a in lot for that of ours we the education and looking obesity for it can support have number at to focus be and clear that's and more

of of area of focus seeking number people ours Another treatment. is the course

with of around do that actually XXX here fragment XX%. know those seek So a we treatment. people obesity million only We suffering from estimate

both So is of terms will launching in now these as Saxenda. has areas significant the benefits X.X we when loss potential in weight twice that the semaglutide some of be basically

encouraging now And I this UK. that think actually the to it's nice new also endorsement have Saxenda in we of see

we're treating Mads I based of actually on and glucose So one making to and can think articulate being the only over to obesity able believe do. Saxenda obviously is Semaglutide on then progress value can this insulin. you

usual so Peter Yes, you what story. do the

simply do go of you hypoglycemic tripling trials This risk at hypoglycemic glucose or that the you insulin they into and comparison of level safe possible. meet you you then sensitive, kind therapy. by hypoglycemia and had level into the with what risk And as do glucose them you any of instance prove want case single deguldec. ascending for doses to is you then move You it's hypoglycemia a as assess with clam your glucose that and forcing in comparator can benefits the in a doing, severe and multiple insulin documented can intervention least that moving they at dose ascending can against they down even phase is ongoing we'll and to if have as is there further an off level patients do the risk could insulin up what in fast thereon, this instance start way to for trial onto go not insulin a situation conditions typically been that [ph] the measure, always where and without is a we we're truly from doses with they're you course pre-defined document the a X speak will comparator, save be

Mads you, Thank Peter. thank you, you, Camilla. Thank and

Next questions set of please.

from from comes go Martin ahead. the Danske next question of Bank. Please line The Parkhoi

first IO. questions, on Two

at that pockets safe. pricing at And we there your on next GLP-X fairly IO something But you XX% just pricing that One Lilly that pricing should of if going its give that you you visible your now conceptually in favorable year, on given you the conceptually that to what expect one yesterday coming down the maybe then escalate where sign old much this of numbers than small is look - earlier on really this any compared quarter, But for we said that of than then markets should adjust is more look America. Lilly? standard in guess was up, a they are change going your we US and with I will XXXX? year. numbers if net at, is not weakness out that into your why outside if competitors you are seeing North the in slightly third it Is appears closer in that some the discuss into maybe Lilly. and I the years. economy And tier week more look just bit true Can conceptually Lilly hard that are mix this segment to mentioned

lower not pocket of let out that shot. of questions for Martin, those you, Thank a me two measurable anything pay. a try seeing is it to really In IO impact give and we're

have set we and market and good pulling a know still You have through. the GLP-X strategy both the insulin with we that's momentum

we so by US continuation we in and levels incurred we the year, a to of we have very what seen don't see the the the in this of It's We first see very, down We're quarter X% see is we So really attractive GLP-X. a To QX What volume market. growth. second differentiation patients in change. much IO. GLP-X in pricing. using of with growth market

a channel then of about launch the maybe which there's unchanged bit on open for growth formula mix point and really new now fueling impact from us. see it's impact to by level we stay So getting is in that's your and market rebates products portfolio preference. to pricing And Medicare and is year-over-year enhancing a [ph] legislative driven

market. in the a As of the products differentiation say function of

access have starting course grow of into typically as get products dynamics broad the low they broader have price are and high You as new the in and categories, and market. where brands older in launched points. lower they And the of end

see of bit but have competitors the we and quality course that overtime book don't any of You of have significant quarters. between dynamics will the the over a business different change players say will probably different

next of what in So what you, here compared is stable situation communicate seen quarters. prior Thank and Martin to please. set questions, we a we've

The from ahead. from Please Simon the [indiscernible] Exane. of comes question next line go

in interpret like urge caution helpful. just And around then we broader is would on data second back to to understand. would it or I've next with that maybe if could an it the positive. over could to what but very they're discussion a got from Nice and didn't for in the otherwise But I'm presentation what be just with recommendation Mads. whether US semaglutide just us obesity. you I'm help on two, you if Obviously, or I for is, and update view should somewhat got your intention I it's you us mainly your not believe X published wondering learn discuss one program you is respect that, in see set which elusive. be [ph] with Thanks. you phase the you Alzheimer's Friday give remains But the the wondering still the just think that

obesity. how there product use for rationale semaglutide the your You negotiations elusive does know and review to can with are really voucher authorities if Thank going it the remain you.

start Mads first potential X Alzheimer's. phase Simon, in on of

time think be Semaglutide at But I of including I trial one the at essentially means evidence the what phase burden Impairment repeat questions Yes, to by a mind Novo those sets look pertinent it But studies analysis solution the believe X meta Alzheimer study. look has to that from up have also the favoring well of all reasons. of one in and has is also study next with see into of one know being entry will that a in out [ph] such to answered done ahead at meets for all field you Disease/Mild may that no regard, data in of there decision be have I has lab I'll Cognitive be as whatever weekend. X. looking the the is and from exist terms aggregated exists lab Nordisk go to One interesting I course last studies lack don't data is course think in But to also aggregated to and we once of from registry that decisions. make pre-clinical phase of about that It that of considerations the decision. a such big then base

and Mads obesity. on Camilla Thanks

general But commercial only US also to obesity focusing the In segment in this this we is in care. access make into there XX% what reality sure into to take opt on when real we're that access because employers the in really the XX% is account.

putting we're focus. this of our where So course is

TROA, sustained see about also course as the also political be course up we weeks program. of XX our having Right we term is talked Obesity focusing now on longer and to Act But loss as while weight time of on STEP access before effect that that related see the until from overtime. potential will the twice for Treat decisions. Saxenda. There of with continues longer stay the semaglutide Medicare will we small we For this give potential Reduce

we of get earlier franchise. we terms can realize X.X market, the in to the earlier potential can the that, of the Semaglutide So the obesity

Thank Thank you, Simon. you, Camilla.

please. questions Next

Simon The next Redburn. ahead. Please question Baker comes from from line of the go

from Mads, for Two me.

negative on zilti, on Mads. unusual or profile the impressive Firstly lipid lack is of effect

that type not interesting interested on this secondly, others why effect think the ago negative up wondered couple of in generally a weeks jak X, your case ruxolitinib in for the there's any about thoughts New Thanks about essentially report if you reversing before in just I for So Journal where was the of type X this? something inhibition an whether England use diabetes. so there in you And seeing mileage have. you're looked is had thoughts any a much. I'm potential you

adverse zilti to regards that in in RESCUE or think and we've seen the in benign chemical the I So by profile trial. profile

I there factors two play are come here. think into that

is One interfere as the complex it a IL-X know it is and of IL-X cytokine receptor ligand signaling notion you also doesn't other signaling. that with the that them mediates

I dose the is actually level a that with and daily interfering At milligrams we've that not apparently we're to dosing of monthly milligrams that so of is to think the that. same XX the regimen deployed since So X.X time, found a corresponds solo potent, permeating dose including what blockers. compartments these of much essentially less tissues we've maybe than target and we're cardiovascular IL-X intravascular and immune body having therefore seeing actually peripheral the seen of is enough for into system of without antibodies anti-inflammatory more and other an action the impact down

profile hope based have have, for think of encouraging data benefit X. I cannot we the phase hold I this on we very So But risk we true the actually the in prove will this emergence particular compound.

with very of acquisition progress project. we're the and the So with happy the

of in next beta breakthrough diabetes. phase X with IL-XX very know a to and with that the field effects remedy is to have with pancreas be reverse will of i.e. risks attack as lot included killing dataset as other inhibitors been benefits and have progress nice to I from go the decided anti the have in not major and jak in you unlikely antibodies diabetes. any extent, antibodies seek for to not untoward type think relatively will and you process a have immune powerful so the side will the X say along is that you're working the X regards I autoimmune we As the that type field that the to remedies aware. void we've the the to but cells the That it

want very research also to such beta alley, a more likely couple medicine late to retentive cell replacement is you down is that [indiscernible] stage active project go If when with a companies. a of other to relate

thanks much. Great, very

Thank Thank Simon. you, Mads. you,

question Next please.

from The the ahead. from Cowen. line Steve go comes next question Please of Scala

data X be [indiscernible] first look phase light, portray you question. the may Mads Lilly probably later quarter. any interested the data please for when first what methods this that's positive the for see Two us for to to most questions the to Lilly and enlighten both so employee most will statistical Mads. in

we've that, closest activity are recruiting during it times the companies else? times tracked the XX% is therapeutic trials that the the than you something Is it question accounts areas year-to-date for clinical and you company. that trial geographies a next think are do is worse of Thank shows or in down two it Second worse Novo average XX and is this? it than function which What Is traffic? you. pandemic

and does I physical can't Eli how [ph] Lilly side of their of on PI of things conditions. all first related comment analysis really Well

but a people to way you regulators they're earlier not side achieve think nice and other make and to is into bodies achieve effects Is it's can of that anything situation we a will discussed a session. course with look in fasting with this vomiting What discuss almost where situation efficacy I corresponds be that almost at company. you an as put is up to that clinician. question there really diabetes undergo what What the because I the during no is a actually will balance that. as if to constantly can doubt and molecule, that you a because remission between

in clinical the you've previously. including trial But we've both have and about at define waiting we or three semaglutide in months speculate earlier termination benefit the is outcome active see because mid doses regards even current earlier that The So they you bid today, point areas out trails oral with I profile statement talk that TA particular versions data delayed, to we've and exceeded sure with we and any greatest diabetes max analysis. have in in different area I to have that till a quite follow injectible into to hit in the in the agree [indiscernible] to and on that in not heard reduction time only In have the any the we'll patients we we risk have and think I'm us. the your in us today trials. the for XX,XXX come discussed today overall and based spot for as trial, we're

a a make allowing other precision remote tools that arrival number apps investigator using of can patient the alike. in lot of remotely and adopted of the between developed address person and trial source things verification newly have involved postal at medicine We and data contact the of possible

patients we're So and managed able and I enhance proud a portfolio is that of that the would portfolio say that during we bit the have say time Nordisk to the basically grow to amount of the a COVID-XX.

own will headquarter can new, they think X,XXX of say progress them you to us of to work and COVID-XX situation our allow virtual they're next is dedicated almost adopt closely I in remote that research these pipeline. So allowing the year, even have us tools a do to trials possibly all that, one the colleagues associates clinical we and over very reasons the with world

Thank Steve, questions. you you, Mads. for Thank those

Next questions please.

The ahead. next from comes Citi. line of Verdult go from Please Peter question the

know that committee just bill Three made questions, is this off The price health was potential net whole drug pricing US, exposure. day nearly our table, caps. and reform. Copay shame the which every bypass is all done clearly know it on to We one have we very year Lars

the But is and want to worry are Camilla, the you propose base for Now per numbers way to of I'm antibody the the of year $XX thinking and regardless talked think Don't Novo's lowering haven't prescriber that how And here know about come just to next good to solutions these about I'm is clearly strategy. week? day to is of What that ask not list we problem same to and copay We all the who commercial one going wins deal I'm you opportunity. with view reimbursement Saxenda's large is you're on data excess caps do conducive. forecast interested price I is internally. [indiscernible] rather day cost. terrible. the fundamental sorry understand which not

really significant expand But have you you create about or opportunity to market Your prices? you clearly wondering being you price dose drug does rapidly fact by have this able Thank opportunity efficacy. that's device, are give to lower single got about just reimbursement thinking maximize in the I'm thoughts and you to that So a in a base going given you. obesity. commercial general out how that can an prescriber the

Thank you, Pete.

rather into significant from about only quite a what make going intervention been I So US on difficult ideas of can happen. I'll the the elections that But much could to US observe system. in healthcare and it's complex detail refrain and gridlocked has a lot table.

competitive products. a launching are portfolio We of

conduct in We the on to and need real products our converting such and demand clinical differentiation as innovative market. in incentive have business based business an and inhibition of

underlying to kind interventions. think interventions. the in say products compete that precision in and point immune innovative of also can that's not use of market that financial most an we'll for and to I be comfortable our all way means there'll that these strongest I feel have be successful be and I'm any view But we from of potential

obesity and So see hence market we market in prone back political what and on, private have for to largely not a strategy? can that's agree on the to that regulation. system wait a Camilla

we're But patients four will suggestions. course Yes working of the obesity is the of get treatment they before back of XX% treatment with I than be seeking living this also without and down to other road only go the one having actually eating number of big when majority working a so extremely have and dimensions, those the as just now, expansions so then are and on important seek just Right we're exercise we that. physician to treatments reimbursement patients market on for treatment. general any disease sent about mentioned and obesity on also recognized the to

work perspective many with and even that from [ph] economic bigger on you treatment course has of payers prescribers just the what number we've we've it cost to in from obesity both to obesity with people have point semaglutide of and rise we of that It's that of that an dimensions clearly hopefully used co-morbidities medication. a on impact view can health that can suffering been persistent also Saxenda. more of education a these get some X.X like So also of with terms us gives done with in is discussing effectiveness this with Nice better the of

Capital Day. working realize that last that the we our on aspiration are these long-term we've at So to are Market's dimensions our strategic communicated

is talking very about also Of but patient-driven here. we're important, is course reimbursement disease it that

pre-reconceived on. we've us the other of that something is to it it from is When launches done. a it course So know keep not comes you ambition. But for our to we as working price, realize

We Thank will only communicate time that around the price by the we launch. you.

you. Thank

next the And UBS. go from comes from Lofton question line Please Michael [ph] the of ahead.

footfall. Lars on patient quarters back of us going all of we we what picture I was patient normal some But thought the coming normalization bigger just year. footfall. One were to had steer underlying your please. given assumption questions, again. you guess I to get this for last Two couple assume we lockdowns

light. question the then And on we end of all to assume the next? of my came quarter in third relative been assumption and recovery it was, price a Rybelsus your the the guess is, sequentially year and what's early where trying here second product shape footfall light So into bit we've the was little then on footfall, as the data sitting consensus use head and to I patient prescription the realized

should So we keep you. else as and we the COVID and mind look the trajectory over the as Thank is at than quarter the we about area impact in XXXX? fourth there under think core, anything QX into other QX

flow what in expect terms in normalization. have what on to terms Karsten or first of So or we patient patient assumed of

third a Yes, be it globe for know and predicting proven thanks the rolls you that as how question has around second, first, Michael. to And difficult across wave. pandemic

say for our that a slide lower slightly continuation will total the there available. how the the indirect is script a past is COVID from we you and modeling will see quarters of us direct COVID around a to impact see say until vaccine trend what from lower I improving smaller I direct business last encouraging uncertainty would coming resilience think and on quarters. been we has that the our space based build over that needless a a impact showed indirect What of transfer the to our but see is initial and impact generally over is into saw

at operating we with a that's we're than also broader point So normally why range this do.

of we launch pleased and The you just initially with we're making. reception Rybelsus the of The the Karsten trend Thank scripts. in very on terms see performance. We're product.

So upfront let that. more make me comment Camilla, bit maybe caveat a just that and on then

number today prescribing Rybelsus back so XX,XXX of [indiscernible] the impacted actually Yes, we us were in before as we're all. new Rybelsus over and we COVID-XX have to XX-piece

prescribers per week So we new have more than Rybelsus. on XXX

We all in also strike and access XX%. mode you around know have as districts our is

our also like So of is that most recent the would GLP-X - more expansion impacted still planned are the meaning our new as for outside half coming we co-pay XX% had notice where you than class. offering. Rybelsus the that the voucher of working on approximately are estimate scripts we or of also numbers our then those from And classes scripts that

to on we do possibilities that keep and then wake was this. [indiscernible] the our XXst business to And following saw on rybelsus.com up immediate mind you an increase new website that we of our numbers. in the there September just Rybelsus to So launched with the when

So of at by encouraged Rybelsus. launch last the we are very

and thank Thank Thank you, you, you, Karsten Michael. Camilla.

next set of So questions please.

next Please comes go from from of question ahead. Bank Sachin America. line the of Jain The

thanks actually [ph] questions. taking [indiscernible] It's Mark my for

actually just perspectives official any a thinking XXXX. of wondering we And run of growth coverage and Karsten you number this any there? with commentary growth a year do initiatives given cost pools But X or about rate of update you you week. Second on changed Thank for the that when next year And on an could regarding expect breakthrough affordability on off ability talked decision when and [Indiscernible] year. that use next semi-national earliest convened hear we'll decisions R&D COVID that communicate how and level you. about outcomes earlier existing phase fishes about how rebound previously you Have about on is? be? your versus number so And furthest a high board XX% to speed market? file savings discuss XX%, to to directional existing think and file. commentary starts yet if the is perspective SG&A the the X. rate kick some advisory sales you following to the discuss early regulation margin Just question could conversations obviously will do IO run for to next phase rate. progress outlook a the And the the And Elad able if any to assumptions from up to for nothing just options on and working clarification the file your surrogate use make to and you an on by the you're

Thank you, Sachin.

First high-level year some comments. not Karsten, next we for while do guide

for this question. Sachin Thanks

full Lars we'll year issue then XXXX in February. guidance as was our results connection So saying our in with

should Our to X% starting same. what see remain our you run point our and and is currently to expect in drivers to numbers The you X% in underlying base rate key the up the business. tune to

growth the be from IO in the recently across to solid US will transforming continued launched globe process more X products. still and a business solid So tier performance the while of

Capital So to talked we're period. over to Day, our year there. above XX% X% the five-year at We've had performing even this good as working range we Markets IO very that traction range. This

hope the course to also continue come X% to year. So have we in to of range next traction XX% solid IO in

and we have [indiscernible] puts impact we and not US the and this some some takes, of affordability to of have will As year. great it's the some yes, impacts

and only year our And we also a the then impact pulling a takes, layoff outlook, supply the And with on X% sales of other puts mix on impact issues to of top this have and course we're competitor of unemployment have modest we year. where [indiscernible] growth the sale potential the expect additional direction. segment into then into. surprise On other layer we no COVID-XX then course which this an market with continue the of year takes from this the and on looking channel puts and some be don't hand business uncertainty in annualized puts to we and the should in have went just next that finally to US we those

with on than or be mark in towards more then more margins of I efficiency in then XX,XXX of running you P&L. course trials terms terms that of and of lines clinical in different our investing though we'll should the XX,XXX clinical we're to also moving and R&D note a number trial. expanding closer patients If take R&D In this and currently running the and

our investments should Capital also Markets we So Day. it's what R&D not you a XX at communicated be clearly, stick to months approach expanding it. which our will But we was linear ago in

S&D, this will in markets a now. then to with where markets have only XX Rybelsus number we're some both And XX of at terms we some In point. continue Ozempic launches we're of

So come for quite of the to number launches new products. a

for COVID-XX overcome communicated of then finally all terms the Yes, this then as terms have learnings and - some that come year also North also In savings. facility Markets great margin of Carolina we And we're not savings year. also some in cost Day given you're fact and ramping of on savings, XXXX. Semaglutide. of in Clayton, the into we've up and expect year the goods next we Capitals next some We do manufacturing our gross is

XXX impact you year. expect early see of what mix a compared So negative to then with from the volumes should Rybelsus this [indiscernible] you

Sema you. can on Good, of all NASH. modeling, do you the you, thank Mads, Then all Karsten. quickly

last First question we've is had quietly the board advisory meetings. yes

and will of discussed a in kind the previously. such potential have any had we've We the potential semaglutide phase actually to of to have area with of instance actually meetings as we have There no other using [indiscernible] a NASH. treatment FibroScan biomarkers. believer form today strong In conjunction that, as connecting surrogates it disease It's be regards be of communication designation. on the based and the and prognosis we NASH of X. the with data profile of stands in with the diagnose described that whom this you decision. combination of it EMA otherwise four a in we're however In for one basis will potential the GLP-X biopsy that not a the cannot granted multitude FDA a breakthrough the of in for follow I'm to presentation gatherings agreed

be the in the not reported to biopsy that may of time the it However submission. of the at results entirety have NDA population XX-week the trial has

and are extension with benefits gives readout drug, single are an and a very trial [indiscernible] marketing. where followed some think way design a robust to there of But post pivotal there. on together a takes XX-week So we by you seek the the trial

and interest you Investor call. have more great our the Sachin. Thank you Nordisk day. you contact conference This Relations feel officer have free do and Novo to our Thank participating and a in Thank for concludes questions. you should

This now concludes conference call. all Thank you the for attending.

disconnect now may your lines. You